Mkhululi Ncube, programmes officer at the African Minerals Development Centre, said the newly launched African Mining Vision (AMV), which focuses on integrating mining into industrial and social development, will revitalize Nigeria’s mining sector and drive broader economic transformation across the continent.
He noted that the vision will enhance local industries and foster economic growth by linking mining activities to various sectors.
The AMV, launched at the ongoing Nigerian Economic Summit on Monday in Abuja, is a private sector-led platform focused on sustainable and responsible mineral sector development based on shared benefits.
It aims to drive Nigeria’s domestication and implementation of AMV, fostering collaboration among the government, communities, and the private sector, while also establishing a partnership between the NESG and the AMDC to manage the AMV Private Sector Compact in Nigeria.
“It will transform the continent’s mining sector into a catalyst for broader economic transformation, focusing on integrating mining into industrial and social development,” said Ncube.
“This transformation will occur through investing in linkages, resource-based industrialisation, enhancing local content, and participation in the minerals”
According to him “The AMV Compact aligns with mining companies’ core values, policies, strategic plans, and mission statements rather than being solely compliance-based on national legislation.”
He noted that it follows the model of the UN Global Compact, which calls on businesses across all sectors to align their strategies and operations with ten universal principles in human rights, labour, the environment, and anti-corruption.
Read also: Weak reforms, policies seen stalling mining industry growth
He further noted that “Despite the Nigerian government’s efforts since 2005 to revitalise the mining sector, including modernising laws and investing in geoscience data, the industry still needs to be developed, adding that a 2023 NESG study identified four key challenges behind the mining sector’s underperformance.
“They include the absence of a regulatory commission, the exclusion of sub-national governments, a misaligned exploration strategy, and weak economic linkages.”
”The AMV Private-Sector Compact offers a cost-effective way for the private sector to engage with critical actors.”
He added that the engagement is essential for establishing measures that will create a thriving, transformative, and sustainable mining sector.
The sector will be designed to meet the needs of the government, society, and businesses by utilising the AMV and its instruments”
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